According to this article in Nation’s Restaurant News (reprinted from the Akron Beacon Journal), the Chi-Chi’s restaurant chain continues to suffer substantial losses. The former owner of the chain, Prandium, Inc., filed for bankruptcy protection last October. In addition, Outback Steakhouse, Inc. bought 76 properties in the U.S. Bankruptcy Court auction this past August. The article posits that the closing of the Akron-area restaurants may mark the death knell for the 30-year-old chain founded by Marno McDermott in Minneapolis.
Posted by franchiselawblog at September 22, 2004 04:42 PM